Users can select from a range of short- to medium-term goals, such as a new car, business endeavor, or trip, and set the target amount and due date using the 'Savings Goal' feature. After that, they can arrange for a recurring deposit of money into their savings account and monitor their advancement.

According to a 2001 HSBC survey of British people, 23 percent of people save some of their salary as soon as they receive it. With 87% of Gen Z having a savings account and less than half contributing 20% or more of their monthly income, they are the group that saves the most money. Merely 12% of individuals aged 45-54 are following suit.

Travel, emergency savings, and home improvements are the most popular savings objectives, according to the study, with 20% of Gen Zers saving for a down payment on a home.

Despite their dedication to saving, people under 24 report that they are most likely to take three withdrawals on average year from their savings account to cover debt (20%) or support daily costs (21%) or both. Additionally, the majority of them worry about whether they are saving enough; of those who worry, one in five report feeling anxious about it.

According to Pella Frost, head of HSBC UK's everyday banking, "having a goal in mind can make saving money easier." You can create a plan for reaching your objectives and make monthly contributions with Savings Goals."